EU mergers and takeovers (Aug 2)

August 02, 2012|Reuters

-- Finnish group Outokumpu to acquire Germangroup ThyssenKrupp's Inoxum stainless steel unit(notified April 10/deadline extended for the second time to Oct.24 from Sept. 26 after the companies asked for more time)

NOV 27

-- Hong Kong's Hutchison 3G, which is part of HutchisonWhampoa, to acquire telecoms operator Orange Austriafrom France Telecom (notified May 7/deadline extendedfor the second time to Nov. 27 from Nov. 6 after the EUCommission asked for more time to examine a Hutchisonconcession)

DEC 12

-- U.S. mail delivery company United Parcel Service Inc to acquire Dutch peer TNT Express (notifiedJune 15/deadline extended for the second time to Dec. 12 from Nov. 28 after the companies asked for more time)

GUIDE TO EU MERGER PROCESS

DEADLINES:

The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 workingdays to 35 working days, to consider either a company's proposedremedies or an EU member state's request to handle the case.

Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.

SIMPLIFIED:

Under the simplified procedure, the Commission announces theclearance of uncontroversial first-stage mergers without givingany reason for its decision. Cases may be reclassified asnon-simplified -- that is, ordinary first-stage reviews -- untilthey are approved.